New Delhi: The Income Tax department on Friday conducted raids at Delhi’s Axis bank branch in connection with its probe into possible tax evasion by way of illegal exchange of demonetised currency notes.
Officials said the IT dept visited the bank’s branch in Delhi’s Chandni Chowk area and found that around Rs 100 crore were deposited along with 44 fake accounts, post-November 8 when Prime Minister Narendra Modi announced the demonetisation of Rs 500 and Rs 1000 notes.
“The department is checking the records of the bank as part of a survey operation. There are some instances under scanner where huge deposits have been made post the currency scarp and that is being probed,” officials said.
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Axis bank said it is cooperating with the agency.
“The bank is committed to following the highest standards of corporate governance and has zero tolerance towards any deviation on the part of any of its employees from the set model code of conduct. Strict action will be taken against any employee found deviating from the guidelines. We would also like to add that we are cooperating with the investigating agencies,” it said in a statement.
They added the taxman was probing some accounts which were dubious as they were opened by allegedly using fake Know Your Customer (KYC) documents and it was suspected some entry operators used the accounts to deposit funds.
The amount under scanner is understood to be around Rs 100 crore, they said.
The bank’s Kashmere Gate branch had recently come under the lens of the department for alleged irregularities in deposits post demonetisation. The Enforcement Directorate (ED) had arrested two Managers of the Axis Bank and another person in connection with its money laundering probe.
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